Why Trump’s Tariff Plan Is Getting Riskier, According to Economists | WSJ

The podcast discusses President Trump's proposed reciprocal tariffs, which aim to equalize tariff rates with other countries. Economists largely agree that these tariffs would increase prices for U.S. consumers, reduce product variety, and complicate international trade logistics. While Trump views them as a way to address unfair trade practices and the U.S. trade deficit, economists argue that the trade deficit is influenced by factors like the federal budget deficit and the dollar's status as a safe asset. They also suggest that tariffs may not reduce the trade deficit, as companies could shift supply chains, and could potentially lead to global trade isolation for the U.S., worsening inflation and potentially causing a recession.